Tesla's profits dropped significantly in the second quarter of 2024, despite a slight increase in revenue.
The company's revenue grew by 2 percent compared to the same period last year, but profits declined by a substantial 45 percent.
Price cuts and lower demand for electric vehicles, along with easier financing options, have led to a decline in Tesla's once high profit margins.
Tesla's gross margins, a key indicator of profitability, have reached their lowest point in six years, raising concerns among investors.
